Nolo's Plain-English Law Dictionary
Need Professional Help? Talk to a Lawyer
Enter Your Zip Code to Connect with a Lawyer Serving Your Area
Enter Your Zip Code to Connect with a Lawyer Serving Your Area
- Family Limited Partnership
- A type of partnership comprising only related family members, usually created by parents in order to pass on a family business or investments to their childern. It provides significant federal gift and estate tax benefits because members of a family limited partnership (sometimes referred to as a FLP--pronounced "flip") own shares in the partnership which can be transferred between generations at lower tax rates.







